Gold Soars, Surpassing $50,100 for the First Time in History
Gold jumped to a record high, surpassing $5,000 an ounce, at the start of trading on Monday, January 26, continuing its historic rally as investors flocked to safe-haven assets amid escalating geopolitical tensions.
The escalating dispute between the United States and NATO over Greenland has fueled gold's rise this year, amid expectations of further financial and geopolitical uncertainty.
US President Donald Trump also threatened Canada with 100% tariffs if it continues its trade rapprochement with China, referring to Canada as an American state and Canadian Prime Minister Mark Carney as the mayor of Canada.
Gold is projected to rise 64% in 2025, buoyed by US monetary easing, increased demand from central banks, China's fourteenth consecutive month of gold purchases in December, and record inflows into exchange-traded funds (ETFs).
Gold prices surged nearly 8% last week, surpassing $4,900 an ounce for the first time ever on Thursday, prompting Goldman Sachs to raise its year-end gold price forecast to $5,400.
Silver also continued its upward trend as investors sought safe-haven assets, pushing the price of the white metal above $100 an ounce on Monday. Platinum, a valuable asset for diversifying portfolios, has also risen, like silver, by more than 30% this year.
The spot price of silver rose 2.52% to $105.54 an ounce.
As for other metals, spot platinum fell 0.03% to $2,766.30 an ounce, while spot palladium rose 0.31% to $2,016.25 an ounce.
Forecasts indicate that gold will reach $6,000 an ounce by spring, which would be more than 20% higher than its current all-time high.
